Crude heads for greatest weekly loss since mid-January

On Friday, oil prices soared after losses of more than 3% a day earlier, with traders treading cautiously ahead of major American employment data that will help to assess the overall health of the world's number one economy and crude consumer.

Brent along with West Texas Intermediate crude futures have found themselves on track for their greatest weekly losses since mid-January, affected by crude inventory builds as well as poor US manufacturing data.

Investors are quite skeptical that Organization of the Petroleum Exporting Countries as well as other producers such as Russia are going to agree to reduce production at a gathering in Algeria later this month notwithstanding Saudi Arabia's attempts to boost prices.

Brent crude had surged 50 cents to $45.95 per barrel by 7.43 p.m. ET. Meanwhile, American West Texas Intermediate crude futures traded at $43.63 per barrel.

Downward momentum happens to be a feature of the crude market, as some financial analysts state.